Key cryptocurrencies to keep an eye on this week TON ADA SWFTC
Bitcoin (BTC) made a brief return to the $72,000 mark last week before seeing a slight pullback in its gains. At the same time, some of the top cryptocurrencies experienced modest increases in value.
The overall cryptocurrency market capitalization saw a modest increase of $10 million, ending the week at $2.54 trillion.
Here are the top cryptocurrencies to keep an eye on this week based on their performances last week:
TON Hits Record Highs
Toncoin (TON) showed significant price movement last week, starting off strong with an 8.6% increase on June 2. This surge allowed the Telegram-based asset to close above $6.8 for the first time in three weeks.
TON continued its bullish trend, reaching a new all-time high of $7.86 on June 5, surpassing the previous ATH of $7.67 set in April. Despite some declines in the following days, Toncoin ended the week with an 11% increase. However, its on-balance volume (OBV) decreased throughout the week, indicating potential weakness in sustaining the uptrend.
If a correction does occur, TON’s immediate resistance level is at the 23.6% Fibonacci retracement of $6.969.
ADA Retests Key Level
Cardano (ADA) has been struggling in recent weeks, with last week being no exception. Despite some intraday gains on June 3 and 4, ADA continued to face resistance around the $0.40 mark. A spike in BTC’s price on June 7 briefly pushed ADA to retest the $0.49 level for the first time in over two weeks. However, a correction led to a 3% loss by the end of the week.
ADA has fallen below the Ichimoku Cloud, confirming its downtrend. To reverse this momentum, Cardano must break above $0.46. A move past the resistance between Senkou Span A ($0.4588) and Senkou Span B ($0.5416) would signal a bullish trend.
SWFTC Shows Volatility
SwftCoin (SWFTC) had a volatile week, initially seeing losses that pushed it below the $0.005 support level. However, a recovery led to significant gains, with SWFTC retesting the $0.0079 high on June 8 for the first time in three months. The week ended with a 36% increase.
Despite entering overbought territory with an RSI of 79.71 on June 8, a 10% correction brought SWFTC’s RSI below 70, indicating potential for further growth.
In other news, Norway has successfully recovered $5.7 million in crypto stolen from Axie Infinity.
